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ANNULMENT OF ACTS DETRIMENTAL TO THE INSOLVENCY ASSETS: COMMENTS ON JUDGEMENT 740/2012, OF 12th DECEMBER OF THE SUPREME COURT OF JUSTICE

I.- INTRODUCTION. Pursuant to judgement number 740/2012, of 12th December, the Supreme Court of Justice declares inadmissible the appeals filed by the receivers of the company OTAYSA, S.A. against the judgement of the Provincial Court of Madrid. The referred to judgement of the Supreme Court addresses the annulment of acts detrimental to the assets of the insolvent company, and for this…

THE GLOBAL TRANSFER OF ASSETS AND LIABILITIES: COMPANY RESTRUCTURING

I.- INTRODUCTION The global transfer of assets and liabilities is becoming, in the current economic climate, which is prompting companies to redesign their operations areas, a useful tool for transferring “financial units” of the same company in exchange for a consideration. Said transfer is regulated by articles 81 to 91 of Law 3/2009 on Structural Modifications (LSM), and is defined…

MANAGING DIRECTOR LIABILITY FOR COMPANY DEBTS. ACCUMULATION OF PROCEDURES BEFORE THE MERCANTILE COURTS

The judgement of the Supreme Court settles the question about the accumulation and competence of two different proceedings. On one hand, the non-payment proceedings initiated against two limited liability companies, and on the other hand, the liability proceedings filed against the Managing Director of one of said companies. Taking into account that the competence to hear the non-payment action corresponds…